U.S. News

Burberry Says Year on Track After Strong Thrid Quarter


British fashion house Burberry Group said it was set to meet full-year forecasts as it reported a 25% rise in underlying third-quarter revenues that beat analysts' expectations.

"This outstanding quarter has been led by Burberry's strong retail performance," Chief Executive Angela Ahrendts said in a statement, adding that outerwear and accessories had led the way.

Burberry, famous for its camel, red and black check design, said total sales in the three months to end-December rose to 206 million pounds ($404 million), within which retail sales rose 25% to 143 million pounds.

Wholesale revenue rose 22% to 43 million pounds, with licensing sales up 7% at 19 million pounds.

In Britain luxury goods sellers have been one of the main winners of the Christmas trading period alongside online stores, premium grocers and Britain's biggest retailer, Tesco.

Burberry shares, which have outperformed other FTSE mid-cap stocks by 15% over the past 12 months, closed at 631 pence on Monday to value the business at 2.78 billion pounds.